Bank Bailout News Video: From The World Economic Forum at Davos, Nobel Laureate Joseph Stiglitz Discusses 'Bank Management Stupidity'

This is a 7 minute clip from the recent World Economic Forum at Davos.  Nobel Economics Laureate and former chief economist at the World Bank, Joseph Stiglitz tells the truth about the government bailouts.  He touches on everything from AIG, to CDS, leverage on wall street, the bad bank proposal and our burgeoning national debt.  It's great watching, not wonkish, and very easy to follow. 

Higlights: bad bank is cash for trash, aig is a never-ending black hole, and stupid bankers and their leverage made this crisis much worse. 

These are all points we have been making here on a daily basis, and it's helpful for our sanity to learn that Stiglitz is of the same mind.  Attention Obama: get Stiglitz on your team quickly, your opportunity to fix the banks fades daily as more taxpayers discover that your plan is nothing but Bush Paulson 2.0.

Comments

[Ain't Bullshittin']

Truth, Common Sense, and Sense of Responsibility have been proven to NOT belong in DC.....for quite some time now and for the foreseeable future. Hang on because this is gonna get FUGLY!

[spideydouble]

Stiglitz had brass balls to be this blunt at the World Economic Forum. His comments are surely ruffling some feathers. Still, I am glad he said what needed to be said and he has the credibility to back it up.

[S. Gompers]

I am truly amazed...